Resource Stock Roundup Wednesday, October 1, 2008
Oct 1st, 2008 | By Doug Casey | Category: Financial News, Gold MarketTwo steps backwards and one step forward is the name of the game as the Canadian Markets recovered from Monday’s drubbing by posting solid gains during Tuesday trading. For the tale of the tape, the TSX Exchange rallied 4.15%, while the TSX Gold Index fell 0.8% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, tacked on 2.39% with the advancing issuers inching past the decliners by a 474 to 460 margin on volume of 122 million shares traded.
Shares of Teck Cominco (TCK.A, TCK.B) rebounded from Monday’s drubbing. The diversified miner added C$1.30 to close at C$30.22.
Linear Gold (LRR) failed to attract buyers after reporting a 5.07 metre drill intercept running 10.2 grams gold per tonne at its El Filao project in Brzil. Linear ended the day down C$0.06 at C$1.05.
Shares of Committee Bay Resources (CBR) bounced off the mat after the company tabled a 13.59 metre drill intercept grading 23.53 grams gold per tonne at its Three Bluffs deposit in Nunavut. Committee Bay ended the day up C$0.015 at C$0.115.
Beaten down uranium player UEX Corporation (UEX) added C$0.17 to close at C$1.51 after the company reported that the Horseshoe deposit in Saskatchewan holds an indicated resource of 3.578 million tonnes grading 0.237% U308 and an inferred resource of 311,000 tonnes grading 0.208% U308.
The junior explorers showed a bit of life on Tuesday but as the financial turmoil continues to unwind, the worst may not yet be over for the resource players. We will see what Wednesday trading has in store.
Source: Resource Stock Roundup Wednesday, October 1, 2008
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